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Highlights
- Oil prices surged to their highest level since November 2014 in the US on Monday.
- While West Texas Intermediate rose by 1.8 per cent to US$ 77.26 a barrel, Brent oil also jumped by 1.8 per cent to US$ 80.72 a barrel on Monday.
- The latest rise in oil prices saw some Toronto Stock Exchange-listed energy stocks note a spike in investor interest.
Oil prices surged to their highest level since November 2014 in the US as a panel led by the Organization of the Petroleum Exporting Countries (OPEC) suggested slowly increasing energy supply to combat the ongoing shortage.
The Joint Ministerial Monitoring Committee reportedly recommended boosting the supply by 400,000 barrels per day in November, which saw futures rise significantly.
While West Texas Intermediate rose by 1.8 per cent to US$ 77.26 a barrel, its highest level since November 2014, Brent oil also jumped by 1.8 per cent to US$ 80.72 a barrel on Monday, at the time of writing this.
The latest rise in oil prices saw some Toronto Stock Exchange-listed energy stocks note a spike in investor interest. Let’s take a closer look at them.
Also read: Top 5 events to follow in Canadian markets on October 4
Baytex Energy Corp (TSX:BTE)
Stocks of the Canadian oil and gas company shot up by as much as seven per cent on Monday morning (10.50AM EST), where it was trading at a value of C$ 3.84 apiece.
Baytex is currently trending high among the most active stocks and the top energy companies on the TSX. It holds a market cap of C$ 2.16 billion and a 10-day average trading volume of nearly eight million.
Baytex stocks have surged by about 455 per cent year-to-date (YTD) and by a whopping 740 per cent year-over-year (YoY).
Suncor Energy Inc (TSX:SU)
Holding a sacred place among Canada's top integrated energy players, Suncor Energy Inc saw its stocks jump up by nearly three per cent on Monday morning (11.00AM EST).
Suncor is also presently ranked high among TSX’s highly active stocks and energy stocks, with a market cap of more than C$ 40 billion and an average trading volume of 11.1 million in the past month.
The Calgary, Canada-based oil giant’s stocks skyrocketed by nearly 80 per cent in the past one year, while it expanded by about 29 per cent YTD.
Also read: Fobi (TSXV:FOBI) surged 650% in a year! A Canadian AI stock to buy?
Bottom line
Rising commodity prices paired with the energy supply shortage have been affecting investor sentiments lately. On Monday morning, December futures on the S&P/TSX composite index dipped by about 0.2 per cent at 7AM EST.
US crude futures, on the other hand, were up by about 3.3 per cent on Monday.
Before closing on Friday, October 1, the S&P/TSX Capped Energy had noted a growth of 0.52 per cent.
